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Renowned market expert with X username CasiTrades has shared an interestingly bullish insight on the XRP market. Notably, this price forecast comes following a broader crypto market correction in the past week, during which XRP has registered a 6.74% price decline.
XRP Bulls Eye Return To ATH After $3 Retest
In an X post on July 25, CasiTrades shows that XRP is on the brink of a major price surge based on the indications of the Elliot Wave Theory – a technical framework that proposes that price movements occur in five repetitive waves.
Amidst the price decline in the last week, XRP failed to hold above the critical $3.21 price level, forcing a retrace to retest the major $3.00 support zone, resulting in a slight price bounce. Despite this bearish event, the analyst notes encouragingly that the altcoin did not form a new price low, suggesting the larger bullish structure remains intact.
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CasiTrades explains that XRP’s latest retracement reached a deep 0.854 Fibonacci level, a classic reversal zone for second waves in a bullish five-wave structure. This deep pullback, combined with the strong bounce off $3.00, signifies the potential bottom of Wave 2. If bulls can hold the price above this support, this sets the stage for the beginning of Wave 3, the strongest and most explosive leg in the Elliott Wave Theory.
For context, the Elliot wave theory begins with an initial price rise, i.e, Wave 1, followed by Wave 2, a pullback that doesn’t breach the starting point. Wave 3 is usually the strongest and longest, driven by increased participation and bullish momentum. Meanwhile, Wave 4 brings another correction, often less severe than Wave 2, before Wave 5 pushes prices to a final high.
For Wave 3 to commence in the present market, CasiTrades states the next price target lies at the $3.21 region, which represents a crucial resistance. If XRP produces a sustained breakout above this price barrier, it validates the proposed bullish scenario.
In this case, the analyst identifies an immediate price target of $3.82, which aligns with the 2.618 Fibonacci extension of the prior move. Interestingly, this price zone also represents XRP’s all-time high on certain markets. This confluence strengthens confidence in the bullish scenario, especially considering that if the Elliott Wave structure plays out fully, a Wave 5 rally could propel the altcoin into uncharted price territory.
XRP Price Overview
At the time of writing, XRP is valued at $3.20 following a price rebound of 5.52% in the past 24 hours.
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Tesla is going to release its Q2 financial results expected on Wednesday, July 19, 2023.
Electric vehicle giant Tesla Inc (NASDAQ: TSLA) announced its vehicle production for the second quarter on July 02, 2023. During the second quarter, Tesla produced a total of 479,700 EVs and delivered 466,140 units to customers from different parts of the world. Notably, the company’s Model S/X accounted for 19,489 in production during the second quarter but about 19,225 were delivered to customers. Reportedly, about 460,211 Model 3/Y were produced during the second quarter with approximately 446,915 units delivered to global customers.
The production for the second quarter was a notable increase compared to the first quarter. Notably, the company produced a total of 440,808 EV units during the first quarter and delivered about 422,875 to its customers. During the first quarter, Tesla announced a total of 421,371 Model 3/Y were produced but delivered about 412,180 to customers. As for the Model S/X the company produced a total of 19,437 units but delivered only 10,695 to customers.
Tesla Market amid Growing EVs Production
Meanwhile, the company has promised to deliver financial results for the second quarter after the market close on Wednesday, July 19, 2023. The company’s stock market had minimal reactions to the announcement over the weekend. According to the latest stock market data, TSLA shares closed last Friday trading at $261.77, up 1.66 percent during the day. During the after-hours trading session, Tesla shares traded around the same level. Notably, Tesla shares have gained approximately 112 percent YTD with more analysts optimistic of its impressive performance for the rest of the year.
Tesla’s Chief Executive Officer Elon Musk warned investors of the highly speculative nature of the TSLA stock market. Moreover, the company is valued at more than $829 billion but currently makes a small sales margin. Nonetheless, Musk highlighted that the company is confident of its long-term value creation.
“Please advise people to be wary of margin loans. Tesla has always been a high variability stock, often with no obvious rhyme or reason. We are confident about long-term value creation, but cannot control the manic-depressive nature of the stock market,” Musk noted.
The company announced several price cuts for different models during the second quarter to remain competitive among other peers around the world. However, Piper Sandler senior research analyst Alexander E. Potter wrote in a note on June 26, that Tesla investors will feel the pain if price cuts are sustained in the third quarter.
Meanwhile, the company has planned to extend its electric vehicle production to different emerging markets including Mexico, India, and France, among others. As a result, the company intends to ramp up product production for other models including its Semi heavy-duty electric truck, Cybertruck pickup, and robotaxis.
Ethereum Classic (ETC) produced a godlike candle as the market’s sentiments changed to bullish against tether (USDT). The crypto market has become promising as most altcoins appear bullish, coming out of their shells with the like of Ethereum Classic producing double gains ahead of the “Ethereum Merge” sentiment pulling altcoins higher. (Data from Binance)
Ethereum Classic (ETC) Price Analysis On The Weekly Chart
The price of ETC has had a tough time in recent weeks, with the price falling to a weekly low of $14; the price of ETC bounced off from this region as price rallied to a high of $30 after forming a bearish downtrend channel.
ETC price was able to break out of the downtrend channel, forming a strong bullish bias as the crypto market could be set for a minor rally.
The price of ETC saw it rejected from $30, but the price was able to break above this price and retested the channel, thereby flipping the downtrend resistance into support. This has seen the price of ETC remain bullish above $30 as prices continue to rally to $40.
If the ETC price maintains this structure, we could see the price of ETC rejecting another high acting as resistance in the region of $50-57, but if bears push the price of ETC, we could see a retest of $30 acting as a good support area.
Weekly resistance for the price of ETC – $50-$57.
Weekly support for the price of ETC – $30.
Price Analysis Of ETC On The Daily (1D) Chart
After breaking out of the downtrend channel and retesting, the price of ETC looks bullish and will continue to trend higher to a region of $56, where it will face resistance. The current state of ETC shows its bullish structures with good buy volume accompanying it.
With buy orders accompanying the price of ETC, we could see the resistance at $56 being flipped into support; if the price of ETC fails to trend higher above $56, the support area at $38 will hold the price sell-off.
The price of ETC is trading at $40 above its 50 and 200 Exponential Moving Averages (EMA) on the daily timeframe. The prices at $32 and $30, which correspond to the 50 and 200 EMA, act as support for the ETC price.
Daily (1D) resistance for the ETC price – $56.
Daily (1D) support for the ETC price – $32-$30.
ETC Price Analysis On The One Four-Hourly (4H) Chart
The price of ETC in the 4H timeframe continues to look bullish as the price shows bullish continuation pattern trading slightly above the 50 and 200 EMA acting as support.
ETC price continues to look more bullish after breaking out of the symmetric triangle confirming a more bullish bias.
The price of ETC holds above the 50 and 200 EMA and could trend higher if it breaks the resistance at $50; if the price of ETC gets rejected, the support at $38 will hold the price of ETC.
On the 4H Chart, ETC’s Relative Strength Index (RSI) is above 70, indicating buy order volume for the ETH price.
Four-Hourly (1H) resistance for the ETC price – $50.
Four-Hourly (1H) support for the ETC price – $38.
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